Microloans are not meant to finance entire start-up endeavors. As a support to start-ups, microloans should be used in collaboration with other start-up financing options, such as investments from personal savings, family and friend support, etc. In order for microloans to be funded by the Boone EDC, support financing (i.e. personal savings, family/friend investment) must be secured and identified in appropriate business plan documents provided along with this application.

Examples of microloan projects include financing for specific equipment purchases or building improvements to promote increased sales/revenue options for a business. Previously, the Boone EDC has provided microloans for building improvements and fixtures for displays; flooring, lighting, and sound equipment and improvements for a new event space; the installation of a new paint booth for the finishing of products.

Microloans may not be used for working capital purposes, such as payroll, rent/lease payments, or regular utility bills. Certain inventory may be considered, but generally is not allowable. Microloan funds may not be used to pay taxes, fees, or outstanding bills.

The Boone EDC Microloan Program Application can be filled out here. A fully completed copy of the application must be submitted to Boone EDC Economic Development Manager Rachel Huser. Should any questions arise about the completion of the microloan application, please contact Rachel.